Fitch Global Corporate Credit - Investment Grade Ratings Sub-Investment Grade Ratings Credit Opinions Q2 2016 - Fitch Ratings
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Fitch Global Corporate Credit Investment Grade Ratings Sub-Investment Grade Ratings Credit Opinions Q2 2016 www.fitchratings.com
Contacts
North America Business & Relationship Management
Global Head of Corporates & Structured Products Issuer Team (continued)
Jill Zelter Canada
Tel: +1 212 908 0774 Andrew Smitiuch
jill.zelter@fitchratings.com Tel: +1 416 703 4824
andrew.smitiuch@fitchratings.com
Banker & Private Equity Coverage Neil Stirrat
Vishal Damani Tel: +1 416 644 6593
Tel: +1 212 908 9148 HY Banker Coverage neil.stirrat@fitchratings.com
vishal.damani@fitchratings.com
Ashish Gupta Investor Team
Tel: + 1 646 582 4821 IG Banker Coverage Deb Murnin
ashish.gupta@fitchratings.com Tel: +1 212 908 0312
Zuri Briscoe deborah.murnin@fitchratings.com
Tel: +1 212 908 0752 PE Coverage Nii-Ama Akuete
zuri.briscoe@fitchratings.com Tel: +1 212 908 0342
niiama.akuete@fitchratings.com
Issuer Team Frank Laurents
US Tel: +1 212 908 9127
Anna Laudon frank.laurents@fitchratings.com
Tel: +1 212 908 0715 Rick Kahn
anna.laudon@fitchratings.com Tel: +1 212 612 7872
Ashish Raythatha rick.kahn@fitchratings.com
Tel: +1 212 908 0362 Marie De Tullio
ashish.raythatha@fitchratings.com Tel: +1 212 908 0657
Ian Hodgart marie.detullio@fitchratings.com
Tel: +1 212 908 0819
Ian.hodgart@fitchratings.com CLO
Michael Mancini Winnie Fong
Tel: +1 212 908 0757 Tel: +1 212 908 9139
michael.mancini@fitchratings.com winnie.fong@fitchratings.com
Sam Haddad
Tel: +1 312 368 3190
sam.haddad@fitchratings.com
Thomas Stone
Tel: +1 312 368 2064
thomas.stone@fitchratings.com
Tiffany Co
Tel: +1 312 368 3185
tiffany.co@fitchratings.com
Peter Van de North
peter.vandenorth@fitchratings.com
Tel:+1 212 908 0605
www.fitchratings.comCorporate Credit Book 2Q16
Contacts
EMEA Business & Relationship Management
Head of Corporates EMEA Issuer Team (continued)
Anjali Sharma Russia/CIS
Tel: +44 (0) 20 3530 1341 Julia Belskaya von Tell
anjali.sharma@fitchratings.com Tel: +7 495 956 9908
julia.belskayavontell@fitchratings.com
Banker & Private Equity Coverage Mikhail Soloviev
Tatjana Cigic Tel: +7 495 956 7088
Tel: +44 (0) 20 3530 1705 HY Banker Coverage mikhail.soloviev@fitchratings.com
tatjana.cigic@fitchratings.com Spain
Marcus Coverdale
Yolanda Arnaiz, Barcelona
Tel: +44 (0) 20 3530 1255 IG Banker Coverage
Tel: +34 93 323 8415
marcus.coverdale@fitchratings.com
yolanda.arnaiz@fitchratings.com
Joseph Turpin
Tel: +44 (0) 20 3530 1715 PE Coverage Sub-Saharan Africa
joseph.turpin@fitchratings.com Fabrice Toka, Johannesburg
Tel: +27 11 290 9400
Issuer Team fabrice.toka@fitchratings.com
UK Nordics
Marc Turner Daniel Figueroa, Stockholm
Tel: +44 (0) 20 3530 1397 Tel: +46 8 562 80 908
marc.turner@fitchratings.com daniel.figueroa@fitchratings.com
Craig Gosnell Turkey
Tel: +44 (0) 20 3530 1322 Gulcan Ustay, Istanbul
craig.gosnell@fitchratings.com Tel: +90 212 284 7859
Kathrin Fernitz gulcan.ustay@fitchratings.com
Tel: +44 (0) 203 530 1572 kathrin.
fernitz@fitchratings.com Investor Team
France Aymeric Poizot
Laurent Roussel Tel: +33 1 44 29 92 76
Tel: +33 1 44 29 91 27 aymeric.poizot@fitchratings.com
laurent.roussel@fitchratings.com Rachel Cros
Etienne Sabot Tel: +44 (0) 20 3530 1356
Tel: +33 1 44 29 92 70 rachel.cros@fitchratings.com
etienne.sabot@fitchratings.com Joar Johnsen
Tel: +44 (0) 20 3530 1214
Germany
joar.johnsen@fitchratings.com
Rolf Urban Joseph Cass
Tel: +49 69 768 0760 Tel: +44 (0) 20 3530 1493
rolf.urban@fitchratings.com joseph.cass@fitchratings.com
Italy Chris Blakeney
Alessandro Settepani, Milan Tel: +44 (0) 20 3530 1748
Tel: +39 02 879087 229 christopher.blakeney@fitchratings.com
alessandro.settepani@fitchratings.com
Middle East CLO
Jay Leitner, Dubai Andrew Cormack
Tel: +971 4408 1804 Tel: +44 (0) 20 3530 1320
jay.leitner@fitchratings.com andrew.cormack@fitchratings.com
CEE
Miroslaw Dudzinski, Warsaw
Tel: +48 22 338 62 83
miroslaw.dudzinski@fitchratings.comContacts
Latin America Business & Relationship Management
Head of Corporates Latin America Investor Team
Kathleen Holtzman New York
Tel: +212 908 9103 Frank Laurents
kathleen.holtzman@fitchratings.com Tel: +212 908 9127
frank.laurents@fitchratings.com
Issuer Team Brazil
New York (Banker & Private Equity) Fabio Astolfi
Saverio Minervini Tel: +55 11 4504 2210
Tel: 1 212 908 0364 fabio.astolfi@fitchratings.com
Saverio.minervini@fitchratings.com Chile
Brazil Loreto Hernandez
Nathalia Chaves Pereira Seoane Tel: +562 2 499 3300
Tel: +55 11 4504 2605 loreto.hernandez@fitchratings.com
nathalia.seoane@fitchratings.com Colombia, Venezuela, Dominican Republic
Chile Carlos Fiorillo
Alejandro Bertuol carlos.fiorillo@fitchratings.com
Tel: +562 2 499 3300 Tel: +57 1 326 9999
alejandro.bertuol@fitchratings.com Central America
Colombia, Venezuela, Dominican Erick Campos Bolanos
Republic, Central America, Caribbean Tel: +506 2296 9182 / 9454
Carlos Fiorillo erick.campos@fitchratings.com
carlos.fiorillo@fitchratings.com Mexico
Tel: +57 1 326 9999 Denise Bichara
Mexico Tel: +52 81 8399 9100
Guillermo Vilchis denise.bichara@fitchratings.com
Tel: 52-55-5955-1614
guillermo.vilchis@fitchratings.com
www.fitchratings.comCorporate Credit Book 2Q16
Contacts
Asia Business & Relationship Management
Head of Corporates APAC Issuer Team (continued)
Sing Chan Ng
Tel: +65 6796 7210 South Asia
singchan.ng@fitchratings.com Mumbai
Amit Ganju
Banker Team Coverage Tel: +91 22 4000 1737
Patricia Li amit.ganju@fitchratings.com
Tel: +852 2263 9973 Banker Coverage Singapore
patricia.li@fitchratings.com
Michael Lee
Tel: +65 6796 7213
Issuer Team michael.lee@fitchratings.com
Indonesia
North Asia
Eva Muis
Hong Kong Tel: +62 21 2988 6802
Joyce Thorpe eva.muis@fitchratings.com
Tel: +852 2263 9955 Sydney
joyce.thorpe@fitchratings.com
Ben Fleming
Beijing Tel: +61 2 8256 0346
Miranda Wu ben.fleming@fitchratings.com
Tel: +86 10 8517 2130 Tokyo
miranda.wu@fitchratings.com
Masaharu Hayashi
Shanghai Tel: +81 3 3288 2977
Emily Hu masaharu.hayashi@fitchratings.com
Tel: +86 21 5097 3380
emily.hu@fitchratings.com Investor Team
Seoul Hong Kong
Jay Kim Wandy Hon
Tel: ++82 2 3278 8362 Tel: +852 2263 9915
jay.kim@fitchratings.com wandy.hon@fitchratings.com
Taiwan
Daniel Ho
+886 8175 7618
daniel.ho@fitchratings.comwww.fitchratings.com
Corporate Credit Book 2Q16
Contents
North America 8 – 28
EMEA 29 – 45
Latin America 46 – 51
Asia Pacific 52 – 58North America
Issuer/Issue Name Country Rating Issuer/Issue Name Country Rating
Aerospace & Defense Auto & Related
Investment Grade Investment Grade
Boeing Company (The) USA A BorgWarner, Inc. USA BBB+
General Dynamics Corporation USA A Delphi Corporation USA BBB
Goodrich Corporation USA A- Ford Motor Company USA BBB-
Harris Corporation USA BBB- General Motors Company USA BBB-
Honeywell International, Inc. USA A Harley-Davidson, Inc. USA A
L-3 Communications Corporation USA BBB- Sub-Investment Grade
L-3 Communications Holdings, Inc. USA BBB- Allison Transmission Holdings, Inc. USA BB
Lockheed Martin Corporation USA BBB+ Allison Transmission, Inc. USA BB
Northrop Grumman Corporation USA BBB+ American Axle & Manufacturing
USA BB-
Holdings, Inc.
Northrop Grumman Systems Corporation USA BBB+
American Axle & Manufacturing, Inc. USA BB-
Raytheon Company USA A-
Goodyear Tire & Rubber Company (The) USA BB
Rockwell Collins, Inc. USA A-
Meritor, Inc. USA B+
Sub-Investment Grade
Tenneco, Inc. USA BB+
Bombardier Inc. Canada B
Credit Opinion
Huntington Ingalls Industries, Inc. USA BB+
Affinia Group Inc. USA -
Orbital ATK, Inc. USA BB+
Chrysler Group LLC USA -
TransDigm Group USA B
Dana Holdings Corp. USA -
TransDigm Inc. USA B
Federal Mogul Corp. USA -
Credit Opinion
Metaldyne Performance Group USA -
BE Aerospace USA -
Remy International Inc USA -
DigitalGlobe Inc USA -
Tower International Inc USA -
Ducommun Inc USA -
LMI Aerospace Inc USA - Building Materials & Construction
Spirit Aerosystems Holdings Inc. USA - Investment Grade
SRA International USA - Black & Decker Holdings, LLC USA A-
Triumph Group, Inc. USA - Fluor Corporation USA BBB+
Wesco Aircraft Hardware Corp USA - Fortune Brands Home & Security, Inc. USA BBB
Martin Marietta Materials, Inc. USA BBB-
Mohawk Industries, Inc. USA BBB
Owens Corning USA BBB-
www.fitchratings.com | Ratings as of 31/03/2016Corporate Credit Book 2Q16
Issuer/Issue Name Country Rating Issuer/Issue Name Country Rating
Building Materials & Construction (continued) Business Services (continued)
PPG Industries, Inc. USA A- Interactive Data Corp. USA -
RPM International Inc. USA BBB- Iron Mountain Inc. USA -
Sherwin-Williams Company (The) USA A- KAR Auction Services Inc. USA -
Stanley Black & Decker, Inc. USA A- Manitowoc Co. Inc. USA -
Whirlpool Corp. USA BBB Nord Anglia Education Plc USA -
Sub-Investment Grade USA - On Assignment Inc. USA -
Trinidad and Realogy Corp. USA -
Trinidad Cement Limited B-
Tobago
ADT Corporation USA BB Rent-A-Center USA -
Masco Corporation USA BB+ Science Applications International Corp USA -
USG Corporation USA B+ Service Corp. USA -
Vulcan Materials Company USA BB+ ServiceMaster USA -
Credit Opinion StoneMor Partners LP USA -
AECOM Technology USA - Transunion USA -
Aecon Group Inc. USA - WESCO International Inc USA -
HD Supply USA - Capital Goods
Headwaters Inc USA - Investment Grade
McDermott International Inc USA - Caterpillar Inc. USA A
NCI Building Systems USA - Cummins Inc. USA A
SNC-Lavalin USA - The Timken Company USA BBB
Summit Materials LLC USA - Sub-Investment Grade
Terex Corp. USA - Navistar International Corporation USA CCC
Business Services Chemicals
Credit Opinion Investment Grade
Affinion Group Inc USA - Methanex Corp. Canada BBB-
ARC Document Solutions Inc USA - NOVA Chemicals Corporation Canada BBB-
Bright Horizons Family Solutions Inc USA - Albemarle Corporation USA BBB-
DealerTrack Inc USA - CF Industries Holdings, Inc. USA BBB
Education Management LLC USA - CF Industries, Inc. USA BBB
EPIQ Systems Inc USA - Dow Chemical Company USA BBB
FleetCor Technologies Inc. USA - E.I. du Pont de Nemours and Company USA A
9North America
Continued
Issuer/Issue Name Country Rating Issuer/Issue Name Country Rating
Chemicals (continued) Consumer
Eastman Chemical Co USA BBB Investment Grade
Monsanto Company USA A- Colgate-Palmolive Company USA AA-
Mosaic Global Holdings Inc. USA BBB Hasbro, Inc. USA BBB+
NewMarket Corporation USA BBB Johnson (S.C.) & Son, Inc. USA A-
The Mosaic Company USA BBB Kimberly-Clark Corp. USA A
Union Carbide Corporation USA BBB- Mattel, Inc. USA BBB+
Westlake Chemical Corporation USA BBB Newell Rubbermaid, Inc. USA BBB-
Sub-Investment Grade Sub-Investment Grade
Kronos International Inc. (Valhi, Inc.Unit) USA BB- ACCO Brands Corporation USA BB
Kronos Worldwide, Inc. USA BB- Avon Products, Inc. USA B+
Credit Opinion Spectrum Brands Canada, Inc. USA BB-
Ashland Inc. USA - Spectrum Brands, Inc. USA BB-
Axiall USA - Credit Opinion
Celanese USA - Bauer Performance Sports Ltd
USA -
(fka Bauer Hockey Corp)
Chemours USA -
Coty Inc. USA -
Chemtura Corp (fka Crompton Corp) USA -
Jarden Corporation USA -
Hi-Crush Partners USA -
Libbey Glass Inc USA -
Huntsman Corp USA -
Mattress Firm Holding Corp. USA -
Minerals Technologies USA -
Revlon Consumer Products USA -
Momentive Performance Materials USA -
Tempur Sealy International USA -
Nexeo Solutions LLC USA -
Visant Corporation (Jostens) USA -
OCI Beaumont LLC USA -
Weight Watchers International USA -
OMNOVA Solutions Inc USA -
Platform Specialty Chemicals USA - Diversified Manufacturing
Investment Grade
Polymer Group Inc USA -
Cooper US, Inc. USA BBB+
Tronox Limited USA -
Dover Corporation USA A
Viskase Cos Inc USA -
Eaton Corporation USA BBB+
W.R. Grace USA -
Flowserve Corporation USA BBB
Hillenbrand, Inc. USA BBB-
Hubbell Incorporated USA A
www.fitchratings.com | Ratings as of 31/03/2016Corporate Credit Book 2Q16
Issuer/Issue Name Country Rating Issuer/Issue Name Country Rating
Diversified Manufacturing (continued) Electric-Corporate
IDEX Corporation USA BBB+ Investment Grade
ITT Corporation USA BBB+ TransAlta Corporation Canada BBB-
Kennametal Inc. USA BBB AEP Texas Central Co. USA BBB+
Parker-Hannifin Corp. USA A AEP Texas North Co. USA BBB+
Rockwell Automation, Inc. USA A AGL Resources, Inc. USA BBB+
Snap-On Incorporated USA A- Alabama Gas Corporation USA A-
Trinity Industries Inc. USA BBB- Alabama Power Company USA A
United Technologies Corporation USA A- Ameren Corp. USA BBB+
Xylem, Inc. USA BBB Ameren Illinois Company USA BBB+
Sub-Investment Grade American Electric Power Company, Inc. USA BBB
Harsco Corporation USA BB American Transmission Co. LLC USA A
SPX Corporation USA BB+ Appalachian Power Co. USA BBB
Credit Opinion Atlantic City Electric Company USA BBB
Belden Inc USA - Atmos Energy Corporation USA A-
Chicago Bridge & Iron Company N.V. USA - AVANGRID, Inc. USA BBB
CNH Industrial USA - Berkshire Hathaway Energy Company USA BBB+
Colfax Corp. USA - Black Hills Corp. USA BBB+
Generac Power Systems Inc. USA - Black Hills Power, Inc. USA BBB+
Granite Construction, Inc. USA - California Independent System Operator USA A+
Oshkosh Corporation USA - CenterPoint Energy Houston Electric, LLC USA BBB+
Paccar USA - CenterPoint Energy Resources Corp. USA BBB
PGT Inc. USA - CenterPoint Energy, Inc. USA BBB
Wireco Worldgroup Inc USA - Central Maine Power Co. USA BBB+
CMS Energy Corporation USA BBB
Diversified Services
Connecticut Light and
Investment Grade USA BBB+
Power Company (The)
Paypal, Inc. USA BBB+ Consolidated Edison Co. of
USA BBB+
New York, Inc. - Con Ed
Pitney Bowes Inc. USA BBB-
Consolidated Edison, Inc. (Con Ed) USA BBB+
Pitney Bowes International Holdings, Inc. USA BBB-
Consumers Energy Co. USA A-
Delmarva Power & Light Company USA BBB+
Dominion Resources, Inc. USA BBB+
11North America
Continued
Issuer/Issue Name Country Rating Issuer/Issue Name Country Rating
Electric-Corporate (continued) Electric-Corporate (continued)
DTE Electric Co. USA A- Nevada Power Company dba NV Energy USA BBB
DTE Energy Co. USA BBB+ New York State Electric & Gas Corp. USA BBB+
DTE Gas Co. USA BBB+ NextEra Energy Capital Holdings, Inc.
USA A-
(formerly FPL Group Capital Inc.)
Duke Energy Carolinas, LLC USA A
NextEra Energy, Inc. USA A-
Duke Energy Corporation USA BBB+
Nicor Gas Company USA A
Duke Energy Florida, Inc. USA BBB+
Northern Indiana Public Service Company USA BBB-
Duke Energy Indiana, Inc. USA BBB+
Northern Natural Gas Company USA A
Duke Energy Kentucky USA BBB+
Northern States Power Co. - Minnesota USA A-
Duke Energy Ohio, Inc. USA BBB+
Northern States Power Co. - Wisconsin USA A-
Duke Energy Progress, Inc. USA A-
NorthWestern Corporation USA BBB+
Edison International USA A-
NSTAR Electric Company USA A
Eversource Energy USA BBB+
NSTAR Gas Company USA A-
Exelon Corp. USA BBB
OGE Energy Corp. USA A-
Florida Power & Light Co. USA A
Ohio Power Co. USA BBB+
Georgia Power Company USA A
Ohio Valley Electric Corporation USA BBB-
Gulf Power Company USA A-
Oklahoma Gas & Electric Co. USA A
Hawaiian Electric Company, Inc. USA BBB+
Otter Tail Corporation USA BBB-
Hawaiian Electric Industries, Inc. USA BBB
Otter Tail Power USA BBB
Indiana Michigan Power Co. USA BBB-
Pacific Gas & Electric Company USA BBB+
Indianapolis Power & Light Co. USA BBB-
PacifiCorp USA A-
Integrys Holding, Inc. USA BBB+
PEPCO Holdings, Inc. USA BBB
Kansas Gas & Electric Co. USA BBB+
PG&E Corporation USA BBB+
Kentucky Power Co. USA BBB-
Pinnacle West Capital Corp. USA A-
Kern River Funding Corp. USA A-
Potomac Electric Power Co. USA BBB
KeySpan Corp. USA BBB+
Progress Energy Inc. USA BBB
KeySpan Gas East Corp. USA BBB+
PSEG Power LLC USA BBB+
Laclede Gas Co. USA BBB+
Public Service Company of Colorado USA A-
Laclede Group, Inc. (The) USA BBB+ Public Service Company
USA BBB+
MidAmerican Energy Company USA A- of New Hampshire
Public Service Company of North Carolina USA BBB
MidAmerican Funding LLC USA BBB+
Public Service Electric & Gas Co. USA A-
Mississippi Power Company USA BBB+
www.fitchratings.com | Ratings as of 31/03/2016Corporate Credit Book 2Q16
Issuer/Issue Name Country Rating Issuer/Issue Name Country Rating
Electric-Corporate (continued) Electric-Corporate (continued)
Public Service Enterprise Sub-Investment Grade
USA BBB+
Group Incorporated
Canadian Solar Inc. Canada BB
Rochester Gas & Electric Corporation USA BBB
ContourGlobal L.P. Cayman islands B+
Rockland Electric Company USA BBB+
Calpine Construction
San Diego Gas & Electric Co. USA A USA B+
Finance Company, L.P.
SCANA Corporation USA BBB- Calpine Corporation USA B+
Sempra Energy USA BBB+ Dayton Power & Light Company USA BB+
Sempra Global USA BBB+ DPL Inc. USA B+
Sierra Pacific Power Company FirstEnergy Corp. USA BB+
USA BBB
d/b/a NV Energy
IPALCO Enterprises, Inc. USA BB+
SourceGas, LLC USA BBB
Mountaineer Gas Company USA BB+
South Carolina Electric & Gas Co. USA BBB
The AES Corporation USA BB-
Southern California Edison Company USA A-
Southern Company USA A Energy (Oil & Gas)
Southern Electric Generating Company USA A Investment Grade
Southern Power Co. USA BBB+ Nabors Industries, Ltd Bermuda BBB-
Southwest Power Pool USA A Encana Corporation Canada BBB-
Southwestern Electric Power Co. USA BBB- Repsol Oil & Gas Canada Inc. Canada BBB-
Southwestern Public Service Company USA BBB Anadarko Petroleum Corp. USA BBB
Tampa Electric Company USA BBB+ Apache Corporation USA BBB
TECO Energy, Inc. USA BBB Boardwalk Pipelines, LP USA BBB-
Union Electric Co. USA BBB+ Buckeye Partners, L.P. USA BBB-
Virginia Electric and Power Company USA A- Cascade Natural Gas Corporation USA A-
Washington Gas Light Co. USA A+ Centennial Energy Holdings, Inc. USA BBB
WEC Energy Group, Inc. USA BBB+ Colorado Interstate Gas Company USA BBB-
Westar Energy, Inc. USA BBB+ Columbia Pipeline Group, Inc. USA BBB-
Western Massachusetts Electric Company USA BBB+ ConocoPhillips USA A-
WGL Holdings, Inc. USA A ConocoPhillips Company USA A-
Wisconsin Electric Power Co. USA A DCP Midstream Partners, LP USA BBB-
Wisconsin Gas LLC USA A- Devon Energy Corporation USA BBB+
Wisconsin Public Service Corp. USA A El Paso Natural Gas Company USA BBB-
Xcel Energy Inc. USA BBB+
13North America
Continued
Issuer/Issue Name Country Rating Issuer/Issue Name Country Rating
Energy (Oil & Gas) (continued) Energy (Oil & Gas) (continued)
El Paso Pipeline Partners Pioneer Natural Resources Co. USA BBB-
USA BBB-
Operating Company, L.L.C.
Polar Tankers Inc. USA A-
Enable Midstream Partners, LP USA BBB-
Enable Oklahoma Intrastate Regency Energy Partners USA BBB-
USA BBB-
Transmission, LLC Ruby Pipeline LLC USA BBB-
Energy Transfer Partners, L.P. USA BBB-
Southern Natural Gas Company USA BBB-
Enlink Midstream Partners, LP USA BBB-
Spectra Energy Capital, LLC. USA BBB
Enterprise Products Operating LLC USA BBB+
Spectra Energy Partners, LP USA BBB
EQT Corporation USA BBB-
Sunoco Logistics Partners L.P. USA BBB
EQT Midstream Partners, LP USA BBB-
Sunoco Logistics Partners Operations L.P. USA BBB
Freeport-McMoRan Oil & Gas LLC USA BBB-
Tennessee Gas Pipeline Company, L.L.C. USA BBB-
Gulf South Pipeline Company, LP USA BBB-
Texas Eastern Transmission, LP USA BBB+
Halliburton Company USA A-
Texas Gas Transmission, LLC USA BBB-
Hess Corporation USA BBB
Valero Energy Corporation USA BBB
ITT Holdings LLC USA BBB-
Western Gas Partners, LP USA BBB-
Kerr-McGee Corp. USA BBB
Williams Partners L.P. USA BBB-
Kinder Morgan Energy Partners, LP USA BBB-
Sub-Investment Grade
Kinder Morgan, Inc. USA BBB-
Energy XXI LTD Bermuda C
LOCAP LLC USA BBB+
Chesapeake Energy Corp. USA B-
Loews Corporation USA A
CITGO Holding, Inc. USA B-
LOOP LLC USA BBB+
CITGO Petroleum Corp. USA B
Marathon Oil Corporation USA BBB
DCP Midstream, LLC USA BB+
Marathon Petroleum Corporation USA BBB
Energy Transfer Equity, L.P. USA BB
MDU Resources Group, Inc. USA BBB+
Energy XXI Gulf Coast, Inc. USA C
Midcontinent Express Pipeline LLC USA BBB
GlobalSantaFe Inc. USA BB
MPLX LP USA BBB-
IFM (US) Colonial Pipeline 2 LLC USA BB+
Nabors Industries, Inc. USA BBB-
Jones Energy Holdings, LLC USA B
National Fuel Gas Co. USA BBB
Kosmos Energy Ltd. USA B
Noble Energy Inc. USA BBB-
Murphy Oil Corporation USA BB+
Occidental Petroleum Corp. USA A
Newfield Exploration Company USA BB+
Ocean Energy, Inc. USA BBB
NGL Energy Partners LP USA B+
Panhandle Eastern Pipe Line Co. USA BBB-
NuStar Logistics, L.P. USA BB
www.fitchratings.com | Ratings as of 31/03/2016Corporate Credit Book 2Q16
Issuer/Issue Name Country Rating Issuer/Issue Name Country Rating
Energy (Oil & Gas) (continued) Energy (Oil & Gas) (continued)
Seacor Holdings, Inc. USA B Sabine Oil USA -
Southwestern Energy Company USA B+ SandRidge Energy, Inc. USA -
Sunoco LP USA BB Seadrill Ltd USA -
Transocean, Inc. USA BB Seventy Seven Operating LLC USA -
Unit Corporation USA B+ Targa Resources Partners, L.P. USA -
Weatherford International Ltd. (Bermuda) USA BB Tesoro Corporation USA -
Weatherford International, LLC USA BB Vantage Drilling USA -
Williams Companies, Inc. (The) USA BB+ Western Refining Co LP USA -
Credit Opinion
Environmental Services
Atlas Energy LP USA -
Investment Grade
Breitburn Energy Partners USA -
Browning Ferris Industries, Inc. USA BBB
C&J Energy USA -
Republic Services, Inc. USA BBB
Callon Petroleum Co. USA -
Waste Connections, Inc. USA BBB
Concho Resources, Inc USA -
Waste Management, Inc. USA BBB
Continental Resources USA -
Crestwood Midstream Partners, LP USA - Food, Beverage & Tobacco
Investment Grade
Denbury Resources Inc. USA -
Kellogg Canada, Inc. Canada BBB
Diamond Offshore Drilling USA -
Altria Group, Inc. USA BBB+
EnCana USA -
Archer Daniels Midland Company USA A
EP Energy LLC USA -
Bottling Group, LLC USA A
EXCO Resources USA -
Brinker International, Inc. USA BBB-
Green Plains Inc USA -
Brown-Forman Corporation USA A
Linn Energy LLC USA -
Bunge Finance Europe B.V. USA BBB
Magnum Hunter Resources Corp. USA -
Bunge Limited USA BBB
MEG Energy Corporation USA -
Bunge Limited Finance Corp. USA BBB
Ocean Rig USA -
Cargill Incorporated USA A
Pacific Drilling SA USA -
Coca-Cola Enterprises, Inc. USA BBB+
Phillips 66 USA -
Coca-Cola Refreshments USA, Inc and
QEP Resources USA - USA A+
Coca-Cola Refreshments Canada, Ltd.
Quicksilver Resources Inc. USA - ConAgra Foods, Inc. USA BBB-
Range Resources Corporation USA - Darden Restaurants, Inc. USA BBB-
15North America
Continued
Issuer/Issue Name Country Rating Issuer/Issue Name Country Rating
Food, Beverage & Tobacco (continued) Food, Beverage & Tobacco (continued)
Flowers Foods, Inc. USA BBB Dean Holding Company USA BB-
General Mills Cereals LLC USA BBB+ JBS USA Lux S.A. USA BB+
General Mills, Inc. USA BBB+ British Virgin
Arcos Dorados Holdings Inc. BB+
Islands
Ingredion Incorporated USA BBB
Credit Opinion
Kellogg Company USA BBB
Alliance One USA -
Kellogg Europe Company Limited USA BBB
ARAMARK Inc. USA -
Kellogg Holding Company Limited USA BBB
Bloomin Brands (OSI) USA -
Kraft Canada, Inc. USA BBB-
Boulder Brands [fkaSmart Balance] USA -
Kraft Heinz Foods Company USA BBB-
Darling Ingredients USA -
Land O Lakes Inc USA BBB-
Denny's USA -
Land O'Lakes Capital Trust I USA BBB-
Keurig Green Mountain USA -
McDonald's Corporation USA BBB+
NPC International, Inc. USA -
Molson Coors Brewing Company USA BBB
Pinnacle Foods Finance LLC USA -
Mondelez International, Inc. USA BBB
Post Holdings USA -
Ocean Spray Cranberries, Inc. USA BBB-
Prestige Brands USA -
PepsiCo, Inc. USA A
Restaurant Brands International USA -
Pepsi-Cola Metropolitan
USA A Wendy's International Inc. USA -
Bottling Company, Inc.
Philip Morris Capital Corp. USA BBB+
Gaming, Lodging & Leisure
Philip Morris International, Inc. USA A
Investment Grade
Ralcorp Holdings Inc. USA BBB-
Expedia, Inc. USA BBB-
Starbucks Corporation USA A
Las Vegas Sands Corp USA BBB-
The Coca-Cola Company USA A+
Las Vegas Sands, LLC USA BBB-
The Hillshire Brands Company USA BBB
Marriott International, Inc. USA BBB
The Kraft Heinz Company USA BBB-
Seminole Tribe of Florida USA BBB-
Tyson Foods, Inc. USA BBB
Starwood Hotels & Resorts Worldwide Inc. USA BBB
Universal Corporation USA BBB-
VML U.S. Finance, LLC USA BBB-
Sub-Investment Grade
Wyndham Worldwide Corporation USA BBB-
Ball Corporation USA BB+
Sub-Investment Grade
CIH International S.a.r.l. USA BB+
Wynn Macau, Limited Cayman islands BB
Constellation Brands, Inc. USA BB+
Agua Caliente Band of Cahuilla Indians USA BB
Dean Foods Company USA BB-
www.fitchratings.com | Ratings as of 31/03/2016Corporate Credit Book 2Q16
Issuer/Issue Name Country Rating Issuer/Issue Name Country Rating
Gaming, Lodging & Leisure (continued) Gaming, Lodging & Leisure (continued)
Boyd Gaming Corporation USA B Intrawest Corp USA -
Caesars Entertainment Corporation USA CC Isle of Capri Casinos USA -
Caesars Entertainment La Quinta Holdings Inc. USA -
USA B-
Resort Properties, LLC
Marriott Vacations Worldwide Corporation USA -
Caesars Growth Properties Holdings, LLC USA B-
Mohegan Tribal Gaming Authority USA -
Corner Investment PropCo, LLC USA B-
Orbitz Worldwide, Inc. USA -
Marina District Finance Company, Inc USA B
Penn National Gaming Inc. USA -
MGM Resorts International USA B+
Priceline USA -
Peninsula Gaming, LLC USA B
Royal Caribbean Cruises Ltd. USA -
Pinnacle Entertainment, Inc. USA B+
Sabre Inc. USA -
Quechan Indian Tribe USA B-
Scientific Games Corp USA -
Regal Entertainment Group USA B+
Six Flags Theme Parks Premier Parks USA -
Wynn America, LLC USA BB
Station Casinos USA -
Wynn Las Vegas LLC USA BB
Travelport USA -
Wynn Resorts, Limited USA BB
Tropicana Entertainment USA -
Credit Opinion
888 Holdings USA - Global Power
Affinity Gaming LLC USA - Investment Grade
Amaya Holdings USA - Arizona Public Service Co. USA A-
American Casino & Entertainment Elm Road Generating Station
USA - USA A
Properties LLC Supercritical LLC
Carnival Corp USA - NV Energy, Inc. USA BBB-
ClubCorp USA - Orange & Rockland Utilities, Inc. USA BBB+
Diamond Resorts USA -
Health Care
Eldorado Resorts Inc. USA -
Investment Grade
Extended Stay America Inc USA -
Warner Chilcott Limited Bermuda BBB-
FelCor Lodging Trust USA -
Abbott Laboratories USA A
Georgia Worldwide USA -
Actavis, Inc. USA BBB-
Hersha Hospitality USA -
Agilent Technologies, Inc. USA BBB+
Hilton Worldwide, Inc. USA -
Allergan, Inc. USA BBB-
Hospitality Properties Trust USA -
AmerisourceBergen Corp. USA A-
Hyatt Hotels Corp. USA -
Amgen Inc. USA BBB
17North America Continued Issuer/Issue Name Country Rating Issuer/Issue Name Country Rating Health Care (continued) Health Care (continued) Baxalta Incorporated USA BBB+ Credit Opinion Baxter International Inc. USA BBB+ 21st Century Oncology USA - Bio-Rad Laboratories Inc. USA BBB- Alere Medical USA - Boston Scientific Corporation USA BBB- Alkermes, Inc. USA - Bristol-Myers Squibb Company USA A- Alliance Healthcare USA - Cardinal Health, Inc. USA BBB+ Amsurg USA - Eli Lilly and Company USA A Biomet USA - Express Scripts Holding Company USA BBB BioScrip Inc USA - Forest Laboratories, Inc. USA BBB- Catalent Pharma Solutions Inc. USA - Johnson & Johnson USA AAA Catamaran Corp. USA - Life Technologies Corp. USA BBB Concordia Healthcare USA - McKesson Corp. USA BBB+ DaVita Inc. USA - Merck & Co., Inc. USA A DJO Finance LLC USA - Owens & Minor Inc. USA BBB- Emdeon Inc USA - PerkinElmer, Inc. USA BBB Endo Pharmaceutical USA - Pfizer Inc. USA A+ Envision Healthcare Corporation USA - Pharmacia Corp. USA A+ Grifols/ Talcris USA - Quest Diagnostics Inc USA BBB Halyard Health Inc. USA - RP Select Finance Trust USA BBB HealthSouth Corp. USA - RPI Finance Trust USA BBB- Hill-Rom Holdings Inc. USA - St. Jude Medical, Inc. USA A- Hologic Inc. USA - Thermo Fisher Scientific Inc. USA BBB Horizon Pharma USA - Wyeth LLC USA A+ IASIS Health USA - Sub-Investment Grade Immucor Inc USA - CHS/Community Health Systems, Inc. USA B+ IMS Health Inc. USA - Community Health Systems, Inc. USA B+ Indivior USA - HCA Holdings, Inc. USA BB Jazz Pharmaceuticals Plc USA - HCA Inc. USA BB Kindred Healthcare USA - LifePoint Health, Inc. USA BB Kinetic Concepts USA - Tenet Healthcare Corp. USA B Lantheus Medical Imaging Inc. USA - Universal Health Services, Inc. USA BB+ Mallinckrodt Plc USA - www.fitchratings.com | Ratings as of 31/03/2016
Corporate Credit Book 2Q16
Issuer/Issue Name Country Rating Issuer/Issue Name Country Rating
Health Care (continued) Homebuilding (continued)
MedAssets USA - Credit Opinion
Merge USA - Allegion US Holding Company Inc USA -
Mylan Pharmaceuticals Inc. USA - Armstrong World Industries Inc. USA -
Omnicare Inc. USA - Continental Building Products USA -
Par Pharmaceutical Companies, Inc. USA - Interline Brands USA -
Quintiles Transnational USA - Monitronics International Inc USA -
RadNet Inc USA - Nortek, Inc. USA -
Select Medical Holdings Corp. USA - Ply Gem Industries USA -
Surgical Care Affiliates USA - William Lyon Homes USA -
Team Health Inc USA -
Industrial & Manufacturing
Truven Health Analytics [Ex-
USA - Credit Opinion
Wolverine Healthcare]
United Surgical Partners International Inc USA - Argan Inc USA -
Valeant Pharmaceuticals USA - Rexnord USA -
Wabash National Corp. USA -
Homebuilding
Investment Grade Industrial Revenue & Pollution Control
Centex Corp. USA BBB- Investment Grade
M.D.C. Holdings, Inc. USA BBB- Public Service Co. of Oklahoma USA BBB
NVR, Inc. USA BBB+
Media & Entertainment
PulteGroup, Inc. USA BBB-
Investment Grade
Toll Brothers, Inc. USA BBB-
21st Century Fox America, Inc. USA BBB+
Sub-Investment Grade
ABC Inc. USA A
Beazer Homes USA, Inc. USA B-
Broadridge Financial Solutions USA BBB+
CalAtlantic Group, Inc. USA BB-
CBS Broadcasting, Inc. USA BBB
D. R. Horton, Inc. USA BB+
CBS Corporation USA BBB
Hovnanian Enterprises, Inc. USA CCC
Cox Enterprises, Inc. USA BBB+
KB Home (formerly Kaufman
USA B+ Discovery Communications LLC USA BBB-
and Broad Home Corp.)
Lennar Corporation USA BB+ Disney Enterprises, Inc. USA A
M/I Homes, Inc. USA B+ Electronic Arts Inc. USA BBB
Meritage Homes Corporation USA BB- Fidelity National Information Services, Inc. USA BBB
IHS Inc. USA BBB
19North America
Continued
Issuer/Issue Name Country Rating Issuer/Issue Name Country Rating
Media & Entertainment (continued) Media & Entertainment (continued)
Insurance Services Office, Inc. USA BBB+ Credit Opinion
Interpublic Group of Companies, Inc. USA BBB Activision Blizzard Inc USA -
McGraw Hill Financial, Inc. USA BBB+ AMC Networks USA -
NBC Universal Media LLC USA A- Cedar Fair LP USA -
Scripps Networks Interactive, Inc. USA BBB+ Cengage Learning USA -
The Dun & Bradstreet Corporation USA BBB Cenveo Corporation USA -
Thomson Reuters Corporation USA BBB+ Cinemark USA -
Time Warner Inc. USA BBB+ Commscope Inc USA -
Twenty-First Century Fox, Inc. USA BBB+ Cumulus Media Inc. USA -
Verisk Analytics, Inc. USA BBB+ Dreamworks Entertainment USA -
Viacom Inc. USA BBB+ E.W. Scripps USA -
Walt Disney Company (The) USA A EMMIS Communications USA -
Western Union Company (The) USA BBB+ Entercom Communications USA -
Sub-Investment Grade Gannett Co. Inc. USA -
AMC Entertainment Inc. USA B+ Gray Television USA -
Clear Channel Worldwide Holdings Inc. USA B Hemisphere Media Holdings USA -
DreamWorks Animation SKG, Inc. USA B+ Lamar Media USA -
First Data Corp. USA B Lions Gate Entertainment Corp USA -
HMH Publishers LLC USA B+ Live Nation Worldwide Inc. USA -
Houghton Mifflin Harcourt Publishers, Inc. USA B+ Mastercard Incorporated USA -
Houghton Mifflin Harcourt Media General, Inc. USA -
USA B+
Publishing Company
National Cinemedia Inc. USA -
iHeartCommunications, Inc. USA CCC
Nexstar Broadcasting USA -
McGraw-Hill Global Education Finance, Inc. USA B+
Nielsen USA -
McGraw-Hill Global Education Holding, LLC USA B+
McGraw-Hill School Education OUTFRONT Media USA -
USA B
Holdings, LLC Quad/Graphics Inc. USA -
MHGE Parent Finance, Inc. USA B+
R.R. Donnelley & Sons USA -
MHGE Parent, LLC USA B+
Radio One Inc USA -
Regal Cinemas Corporation USA B+
Salem Communications Corp USA -
Univision Communications, Inc. USA B
SeaWorld Parks & Entertainment Inc. USA -
Sinclair Broadcast Group USA -
www.fitchratings.com | Ratings as of 31/03/2016Corporate Credit Book 2Q16
Issuer/Issue Name Country Rating Issuer/Issue Name Country Rating
Media & Entertainment (continued) Natural Gas & Propane (continued)
Sirius XM Radio Inc. USA - UGI Utilities, Inc. USA A-
Time Inc USA - Sub-Investment Grade
Townsquare Media USA - AmeriGas Finance Corp. USA BB
Tribune Co USA - AmeriGas Partners, L.P. USA BB
Warner Music Group (WMG) USA -
Natural Resources
Metals & Mining Investment Grade
Credit Opinion Goldcorp Inc. Canada BBB
AK Steel USA - Kinross Gold Corporation Canada BBB-
Alpha Natural Resources USA - Yamana Gold Inc. Canada BBB-
Appvion [ex-Appleton Papers Inc] USA - Americas Mining Corporation (AMC) USA BBB+
CONSOL Energy Inc. USA - Freeport-McMoRan Inc. USA BBB-
Noranda Aluminum USA - Reliance Steel & Aluminum Co. USA BBB
Novelis Inc. USA - Sub-Investment Grade
Steel Dynamics Inc. USA - First Quantum Minerals Ltd Canada B
Walter Energy USA - Teck Resources Ltd. Canada B+
Westmoreland Coal Co. USA - Uranium One Inc. Canada BB-
Alcoa Inc. USA BB+
Natural Gas & Propane
Arch Coal, Inc. USA D
Investment Grade
Peabody Energy (Formerly
Atlanta Gas Light Co. USA BBB+ USA C
P&L Coal Holding Corp.)
Brooklyn Union Gas Co. USA BBB+ United States Steel Corporation
USA B+
(U.S. Steel Corp)
Central Hudson Gas & Electric Corp. USA BBB+
Consolidated Natural Gas Co. USA BBB+ Packaging & Containers
Credit Opinion
Dominion Gas Holdings, LLC USA A-
Berry Plastics USA -
NiSource Inc. USA BBB-
BWAY Corporation USA -
North Shore Gas Co. USA A
Crown Holdings USA -
Northwest Pipeline LLC USA BBB
Owens-Illinois USA -
Peoples Gas Light and Coke Co. USA A-
Reynolds Group Holdings Inc. USA -
Southern California Gas Co. USA A
Rock-Tenn Co. USA -
Southwest Gas Corporation USA A-
Transcontinental Gas Pipe Sealed Air Corp. USA -
USA BBB
Line Company, LLC
21North America
Continued
Issuer/Issue Name Country Rating Issuer/Issue Name Country Rating
Property/Real Estate Real Estate Investment Trust (continued)
Investment Grade EPR Properties USA BBB-
Brixmor Property Group, Inc. USA BBB- Equity Residential USA A-
Caparra Center Associates, LLC USA BBB+ ERP Operating Limited Partnership USA A-
Sub-Investment Grade Essex Portfolio L.P. USA BBB+
Caparra Hills, LLC USA B+ Essex Property Trust, Inc. USA BBB+
Federal Realty Investment Trust USA A-
Real Estate Investment Trust
First Industrial Realty Trust, Inc. USA BBB-
Investment Grade
First Industrial, L.P. USA BBB-
AIMCO Properties, L.P. USA BBB-
HCP, Inc. USA BBB+
American Assets Trust, Inc. USA BBB
Healthcare Realty Trust Incorporated USA BBB
American Assets Trust, L.P. USA BBB
Apartment Investment and Host Hotels & Resorts, Inc. USA BBB-
USA BBB-
Management Company (AIMCO) Host Hotels & Resorts, L.P. USA BBB-
Boston Properties Limited Partnership USA BBB+
Hudson Pacific Properties, Inc. USA BBB-
Boston Properties, Inc. USA BBB+
Hudson Pacific Properties, L.P. USA BBB-
Brandywine Operating Partnership L.P. USA BBB-
Kimco Realty Corporation USA BBB+
Brandywine Realty Trust USA BBB-
Lepercq Corporate Income Fund L.P. USA BBB
Brixmor Operating Partnership, LP USA BBB-
Lexington Realty Trust USA BBB
Camden Property Trust USA BBB+
Liberty Property Limited Partnership USA BBB
Care Capital Properties, Inc. USA BBB-
Liberty Property Trust USA BBB
Care Capital Properties, L.P. USA BBB-
Mid-America Apartment Communities, Inc. USA BBB
CBL & Associates Limited Partnership USA BBB-
Mid-America Apartments L.P. USA BBB
CBL & Associates Properties, Inc. USA BBB-
National Retail Properties, Inc. USA BBB+
Corporate Office Properties Trust USA BBB-
Omega Healthcare Investors, Inc. USA BBB-
Corporate Office Properties, L.P. USA BBB-
Prologis, Inc. USA BBB
DDR Corp. USA BBB-
Prologis, L.P. USA BBB
Digital Realty Trust, Inc. USA BBB
Realty Income Corp. USA BBB+
Digital Realty Trust, L.P. USA BBB
Reckson Operating Partnership, LP USA BBB-
Duke Realty Corporation USA BBB
Regency Centers Corp. USA BBB
Duke Realty Limited Partnership USA BBB
Regency Centers, L.P. USA BBB
EastGroup Properties, Inc. USA BBB
Rexford Industrial Realty, Inc. USA BBB-
EastGroup Properties, L.P. USA BBB
Rexford Industrial Realty, LP USA BBB-
www.fitchratings.com | Ratings as of 31/03/2016Corporate Credit Book 2Q16
Issuer/Issue Name Country Rating Issuer/Issue Name Country Rating
Real Estate Investment Trust (continued) Retailing (continued)
Simon Property Group, Inc. USA A Best Buy Co., Inc. USA BBB-
Simon Property Group, L.P. USA A Coach, Inc. USA BBB
SL Green Operating Partnership, L.P. USA BBB- Costco Wholesale Corporation USA A+
SL Green Realty Corp. USA BBB- Dillard's, Inc. USA BBB-
Sovran Acquisition Ltd. Partnership USA BBB Gap Inc. (The) USA BBB-
Sovran Self Storage, Inc. USA BBB Home Depot, Inc. (The) USA A
STAG Industrial Operating Partnership, L.P. USA BBB Kohl's Corporation USA BBB+
STAG Industrial, Inc. USA BBB Kroger Co. (The) USA BBB
Store Capital Corporation USA BBB- Macy's Inc. USA BBB+
Terreno Realty Corporation USA BBB- Macy's Retail Holdings Inc. USA BBB+
Terreno Realty, LLC USA BBB- Nordstrom, Inc. USA BBB+
Ventas, Inc. USA BBB+ Staples, Inc. USA BBB-
Vornado Realty Trust USA BBB Target Corporation USA A-
Vornado Realty, LP USA BBB Tiffany & Co. USA BBB+
Washington Prime Group, L.P. USA BBB- Wal-Mart Stores, Inc. USA AA
Welltower Inc. USA BBB+ Sub-Investment Grade
WP Glimcher Inc. USA BBB- J. C. Penney Company, Inc. USA B
Sub-Investment Grade J.C. Penney Corporation, Inc. USA B
Corrections Corporation of America USA BB+ Kmart Corp. USA CC
Forest City Enterprises, Inc. USA BB- Kmart Holding Corp. USA CC
Forest City Realty Trust, Inc. USA BB- L Brands, Inc. USA BB+
Levi Strauss & Co. USA BB
REIT
Liberty Interactive LLC USA BB
Credit Opinion
American Capital Mortgage QVC, Inc. USA BB
USA -
Investment Corp. Rite Aid Corporation USA B
Bimini Capital Management Inc. USA -
Sears Holdings Corporation USA CC
Retailing Sears Roebuck Acceptance Corp. USA CC
Investment Grade Sears, Roebuck and Co. USA CC
Signet Jewelers Ltd Bermuda BBB- SuperValu Inc. USA B
AutoZone Inc. USA BBB Toys 'R' Us - Delaware, Inc. USA CCC
23North America
Continued
Issuer/Issue Name Country Rating Issuer/Issue Name Country Rating
Retailing (continued) Technology
Toys 'R' Us Property Co. I, LLC. USA CCC Investment Grade
Toys 'R' Us Property Co. II, LLC USA CCC Constellation Software, Inc. Canada BBB-
Toys 'R' Us, Inc. USA CCC Accenture Capital Inc. USA A+
Credit Opinion Accenture plc USA A+
99 Cents Only Stores USA - Affiliated Computer Services Inc. USA BBB
Bon-Ton Stores USA - Arrow Electronics, Inc. USA BBB-
Burlington Coat Factory USA - Avago Technologies Finance Pte. Ltd. USA BBB-
Cabela's USA - Avnet, Inc. USA BBB-
Claires Stores USA - CA, Inc. USA BBB+
Dollar Tree, Inc. USA - Cadence Design Systems Inc. USA BBB+
Empire Company Limited USA - Computer Sciences Corp. USA BBB
GNC Holdings USA - Corning Inc. USA BBB+
Gymboree Corp. USA - CSRA Inc. USA BBB-
Hanesbrands Inc. USA - eBay Inc. USA BBB
J. Crew Group, Inc. USA - Electronic Data Systems LLC USA A-
Kate Spade & Co USA - Flextronics International Ltd. USA BBB-
Lands' End USA - Hewlett Packard Enterprise Co. USA A-
Men's Wearhouse USA - HP Inc. USA BBB+
Michaels Stores Inc. USA - Ingram Micro Inc. USA BBB-
NBTY, Inc. USA - Intel Corporation USA A+
Neiman Marcus USA - International Business
USA A+
Machines Corp. (IBM)
Party City Holdings USA -
Jabil Circuit, Inc. USA BBB-
Pep Boys (Manny Moe & Jack) USA -
Keysight Technologies, Inc. USA BBB
Pier 1 Imports USA -
KLA-Tencor Corp. USA BBB-
PVH Corp. USA -
Lexmark International Inc. USA BBB-
Roundy's USA -
Microsoft Corporation USA AA+
Sally Beauty Holdings Inc. USA -
Motorola Solutions, Inc. USA BBB
Smart and Final Stores Inc. USA -
National Semiconductor Corporation USA A+
Sprouts Farmers Market USA -
Oracle Corporation USA A+
The Pantry USA -
Paypal Holdings Inc. USA BBB+
Vince Holdings Corp. USA -
www.fitchratings.com | Ratings as of 31/03/2016Corporate Credit Book 2Q16
Issuer/Issue Name Country Rating Issuer/Issue Name Country Rating
Technology (continued) Technology (continued)
Seagate HDD Cayman USA BBB- Lattice Seminconductor USA -
Seagate Technology Public Micro Focus USA -
USA BBB-
Limited Company
Microsemi USA -
Texas Instruments Incorporated USA A+
MoneyGram International USA -
Xerox Corporation USA BBB-
NXP B.V. USA -
Sub-Investment Grade
Omnivision Technologies USA -
Anixter Inc. USA BB+
Rovi Corp. USA -
Anixter International Inc. USA BB+
Sensata Technologies Holdings N.V. USA -
Dell Inc. USA BB
SITEL Worldwide Corp USA -
Dell International LLC USA BB
SS&C Technologies Inc. USA -
Equinix, Inc. USA BB
SunEdison Semiconductor Ltd USA -
Western Digital Corp. USA BB+
SunGard Data Systems, Inc. USA -
Credit Opinion
Verifone Systems Inc. USA -
Aeroflex Incorporated USA -
Verint Systems Inc. USA -
Alliance Data Systems Corp. USA -
Visa Inc. USA -
Amkor Technology Inc. USA -
Western Digital USA -
Ancestry.com USA -
Zebra Technologies Corp. USA -
API Technologies Inc. USA -
Aspect Software Group Holdings USA - Telecommunications
Avaya, Inc. USA - Investment Grade
AVG Technologies USA - Rogers Communication Canada, Inc. Canada BBB+
Booz Allen & Hamilton Inc. USA - TELUS Communications, Inc. Canada BBB+
CDW Corporation USA - TELUS Corp. Canada BBB+
Endurance International Group Holdings USA - Alltel Corporation USA A-
Entegris Inc USA - American Tower Corporation USA BBB
Epicor Software Corporation USA - Ameritech Capital Funding Corp. USA A-
EVERTEC Inc USA - AT&T Corp. USA A-
Genpact International Inc USA - AT&T Inc. USA A-
Infor Global Solutions USA - AT&T Mobility LLC USA A-
Informatica USA - BellSouth Corp. USA A-
Internap Network Services Corp USA - BellSouth Telecommunications, Inc. USA A-
25North America
Continued
Issuer/Issue Name Country Rating Issuer/Issue Name Country Rating
Telecommunications (continued) Telecommunications (continued)
CC Holdings GS V LLC USA BBB- Verizon Pennsylvania USA A-
Cellco Partnership USA A- Verizon Virginia USA A-
Comcast Cable Communications, LLC USA A- Wisconsin Bell Telephone Company USA A-
Comcast Cable Holdings, LLC Sub-Investment Grade
USA A-
(formerly AT&T Broadband LLC)
Cogeco Cable Inc. Canada BB+
Comcast Corp. USA A-
Comcel Trust Cayman islands BB+
Comcast Holdings Corporation USA A-
Comcast MO Group, Inc. (f/k/a Digicel Group Limited Jamaica B
USA A-
MediaOne Group, Inc.) Digicel International Finance
Jamaica B
Comcast MO of Delaware, LLC (f/k/a Limited (DIFL)
USA A-
MediaOne of Delaware, Inc.) Digicel Limited Jamaica B
Cox Communications Inc. USA BBB+
Cablevision Systems Corporation USA BB-
Crown Castle International Corp. USA BBB-
CCO Holdings, LLC USA BB-
Crown Castle Operating Company USA BBB-
CenturyLink, Inc. USA BB+
DIRECTV Holdings LLC USA A-
Charter Communications Operating, LLC USA BB-
GTE Corporation USA A-
Clearwire Communications LLC USA B+
GTE Southwest, Inc. USA A-
Communications Sales & Leasing, Inc. USA BB-
Indiana Bell Telephone Co. USA A-
CSC Holdings, LLC (Cablevision-U.S.) USA BB-
Michigan Bell Telephone Co. USA A-
CSL Capital, LLC USA BB-
NBCUniversal Enterprise, Inc. USA A-
DISH DBS Corporation USA BB-
New Cingular Wireless Services, LLC USA A-
DISH Network Corp. USA BB-
Pacific Bell Telephone Company USA A-
Embarq Corporation USA BB+
Southwestern Bell Telephone Company USA A-
Embarq Florida, Inc. USA BB+
Time Warner Cable Enterprises LLC USA BBB
Frontier Communications Corporation USA BB
Time Warner Cable Inc. USA BBB
Frontier North USA BB
Verizon California Inc. USA A-
Frontier West Virginia USA BB
Verizon Communications Inc. USA A-
Level 3 Communications, Inc. USA BB-
Verizon Delaware USA A-
Level 3 Financing, Inc. USA BB-
Verizon Florida USA A-
Qwest Communications International Inc. USA BB+
Verizon Maryland USA A-
Qwest Corporation USA BB+
Verizon New England Inc. USA A-
Qwest Services Corporation USA BB+
Verizon New Jersey USA A-
Sprint Communications, Inc. USA B+
Verizon New York Inc. USA A-
www.fitchratings.com | Ratings as of 31/03/2016Corporate Credit Book 2Q16
Issuer/Issue Name Country Rating Issuer/Issue Name Country Rating
Telecommunications (continued) Transportation (continued)
Sprint Corporation USA B+ Southwest Airlines Co. USA BBB+
Telephone and Data Systems, Inc. USA BB+ The Brink's Company USA BBB-
United States Cellular Corp. USA BB+ Sub-Investment Grade
Windstream Holdings of the Midwest, Inc. USA BB- Grupo TACA Holdings Limited Bahamas B
Windstream Services, LLC USA BB- Air Canada Canada B+
Credit Opinion Garda World Security Corporation Canada B+
Cequel Communications LLC USA - American Airlines, Inc. USA BB-
Cincinnati Bell USA - Delta Air Lines USA BB+
Consolidated Communications USA - Hawaiian Airlines USA B
General Communication Inc. USA - Hawaiian Holdings, Inc. USA B
Hawaiian Telcom Holdco Inc. USA - JetBlue Airways Corporation USA BB-
Intelsat Jackson USA - Spirit Airlines, Inc. USA BB+
Liberty Cablevision of Puerto Rico LLC USA - United Airlines, Inc. USA BB-
Mitel Networks Corp USA - United Continental Holdings, Inc. USA BB-
nTelos Inc USA - Credit Opinion
Nuance Communications Inc. USA - ADS Waste Holdings USA -
Open Text Corp USA - Atlantic Aviation FBO Inc USA -
SBA Communications USA - Navios Maritime Holdings USA -
Syniverse Technologies, Inc. USA - Quality Distribution Inc. USA -
Telesat Canada USA - Rand Logistics Inc. USA -
T-Mobile USA - Swift Transportation Co. USA -
West Corp. USA - Union Pacific USA -
Wide Open West Finance, LLC USA - XPO Logistics, Inc. USA -
Zayo Group USA - YRC Worldwide Inc USA -
Transportation Utilities
Investment Grade Sub-Investment Grade
Alaska Air Group Inc. USA BBB- Viridian Group Investments Limited Cayman islands B+
Kansas City Southern USA BBB- Credit Opinion
Kansas City Southern Railway Company USA BBB- Ameresco USA -
Kirby Corporation USA BBB Atlantic Power Corp USA -
27North America Continued Issuer/Issue Name Country Rating Utilities (continued) Brookfield Renewable Energy Partners L.P. USA - CLECO Corporation USA - Dynegy Inc USA - Idaho Power USA - ITC Holdings Corp USA - NRG Energy Inc USA - Puget Energy Inc. USA - TerraForm Power USA - www.fitchratings.com | Ratings as of 31/03/2016
Corporate Credit Book 2Q16
EMEA
F+1/ F+1/
Fitch Fitch
Issuer/Issue Name Country Rating Only Issuer/Issue Name Country Rating Only
Aerospace & Defense Auto & Related (continued)
Investment Grade HP Pelzer Holding GmbH Germany B
MTU Aero Engines AG Germany BBB- √
Fiat Chrysler Automobiles N.V. Netherlands BB-
JSC National Company
Kazakhstan BBB-
Kazakhstan Engineering Jaguar Land Rover Automotive plc United Kingdom BB-
Airbus Group SE Netherlands A- Credit Opinion
BAE Systems plc United Kingdom BBB Alliance Automotive Group France -
Rolls-Royce Holdings plc United Kingdom A
Financiere Cofidim (Cofidim) France -
Sub-Investment Grade
Parts Holding (Autodistribution) France -
Finmeccanica SpA Italy BB+
Cordenka Holding B.V. Germany -
Russian
Russian Helicopters JSC BB √ FTE Verwaltungs GmbH
Federation Germany -
Russian (FTE Automotive)
Sukhoi Civil Aircraft JSC BB- √
Federation Jasione GmbH (Jost) Germany -
Credit Opinion Samvardhana Motherson
Germany -
Automotive Systems Group BV
SSCP Titan Bidco Limited United Kingdom -
Schaeffler AG Germany -
Survitec Group (Finance
United Kingdom -
3) Ltd (Survitec) ZF Friedrichshafen AG Germany -
Gestamp Automocion S.A. Spain -
Auto & Related
Investment Grade Grupo Antolin-Irausa, S.A. Spain -
Compagnie Generale des Nelson Bidco Limited United Kingdom -
France A-
Etablissements Michelin
Rhino Midco 2 Limited United Kingdom -
Renault SA France BBB-
TI Fluid Systems Limited United Kingdom -
Continental AG Germany BBB
Daimler AG Germany A- Building Materials & Construction
Investment Grade
Volkswagen AG Germany BBB+
Compagnie Financiere du Compagnie de Saint-Gobain France BBB
Switzerland A-
Groupe Michelin Senard et Cie Lafarge SA France BBB-
Delphi Automotive PLC United Kingdom BBB
Vinci S.A. France BBB+
GKN Holdings PLC United Kingdom BBB-
CRH plc Ireland BBB
Sub-Investment Grade James Hardie Building
Ireland BBB-
Goodyear Dunlop Tires Europe B.V. Belgium BB Products, Inc.
James Hardie International
Faurecia S.A. France BB- √ Ireland BBB-
Finance Ltd.
GIE PSA Tresorerie France BB James Hardie International
Ireland BBB-
Group Ltd.
Peugeot S.A. France BB √
Ferrovial, S.A. Spain BBB √
29EMEA
Continued
F+1/ F+1/
Fitch Fitch
Issuer/Issue Name Country Rating Only Issuer/Issue Name Country Rating Only
Building Materials & Construction (contimued) Building Materials & Construction (contimued)
LafargeHolcim Ltd Switzerland BBB Amber Bidco Limited United Kingdom -
Sub-Investment Grade Euro Road Infrastructure
United Kingdom -
Investment Midco Limited
HeidelbergCement AG Germany BB+ √
Astaldi S.p.A Italy B+ Capital Goods
Investment Grade
L'isolante K-Flex S.p.A. Italy B √
GEA Group Aktiengesellschaft Germany BBB
Officine Maccaferri S.p.A. Italy B √
Siemens AG Germany A
Salini Impregilo S.p.a. Italy BB √
AB Volvo Sweden BBB
Ideal Standard International SA Luxembourg CC √
Atlas Copco AB Sweden A √
Grupo Aldesa Spain B √
ABB Ltd Switzerland A-
Isolux Corsan SA Spain B- √
Sub-Investment Grade
Obrascon Huarte Lain SA (OHL) Spain BB- √
SGD Group SAS France B- √
Credit Opinion
Arcelik Turkey BB+ √
Alu Holdco 1 Limited (Corialis) Belgium -
Credit Opinion
Icopal A/S Denmark -
Safari Finco 1 Oy (Paroc) Finland - Konecranes Plc Finland -
Bonhom SAS (Frans Bonhomme) France - Tokheim Group SAS France -
Dry Mix Solutions Alison Midco S.a.r.l. Germany -
France -
Investissements S.A.S. (Parex) Paternoster Holding
Germany -
Kerneos Holding Group SAS France - III GmbH (Wittur)
Loxam S.A.S. France - Signode Industrial Group Lux S.A. Luxembourg -
Sophielux 1 S.A. (Socotec) France - Stromboli Investissements SAS Switzerland -
Pfleiderer GmbH Germany - VAT Holding AG Switzerland -
ZT Management Holding GmbH Germany -
Chemicals
Titan Cement Company S.A. Greece - Investment Grade
Foam Investments II S.a.r.l
Luxembourg - Solvay SA Belgium BBB
Luxembourg (Armacell)
Xella International s.a.r.l (Xella) Luxembourg - BASF SE Germany A+
Ursa Insulation Holding B.V. Netherlands - Israel Chemicals Ltd. Israel BBB √
ACS, Actividades de OCP SA Morocco BBB- √
Spain -
Construccion y Servicios, S.A.
Akzo Nobel N.V. Netherlands BBB+
Ahlsell AB Sweden -
United Arab Royal DSM N.V. Netherlands A-
Orascom Construction Limited -
Emirates Saudi Basic Industries
Saudi Arabia A+
Corporation (SABIC)
www.fitchratings.com | Ratings as of 31/03/2016Corporate Credit Book 2Q16
F+1/ F+1/
Fitch Fitch
Issuer/Issue Name Country Rating Only Issuer/Issue Name Country Rating Only
Chemicals (continued) Consumer
Sub-Investment Grade Investment Grade
Nitrogenmuvek Zrt Hungary B+ √ Henkel AG & Co. KGaA Germany A
Russian Sub-Investment Grade
JSC Acron BB- √
Federation
Russian Labeyrie Fine Foods SAS France B √
JSC MCC EuroChem BB
Federation Spectrum Brands Europe GmbH Germany BB-
Russian
OJSC PhosAgro BB+
Federation Credit Opinion
Russian
PAO SIBUR Holding BB+ Zodiac Pool Holding SA France -
Federation
Russian Aloco Beteiligungsgesellschaft Mbh Germany -
PJSC Kazanorgsintez B
Federation Blitz F11 zwei-drei-funf
Russian Germany -
PJSC Uralkali BB- GMbH (Jack Wolfskin)
Federation
CBR Fashion GmbH (CBR) Germany -
EuroChem Group AG Switzerland BB
Finedining Capital GmbH (WMF) Germany -
Credit Opinion
SLV Holding Gmbh (SLV) Germany -
Materis Paints SAS France -
Ardagh Packaging
Ireland -
New Admixtures SAS (Chryso) France - Holdings Limited
Novacap France - Padame Srl Italy -
S.P.C.M. SA France - Brandblock Holding BV Netherlands -
Global Garden Products C Sarl
CABB Holding GmbH (Cabb) Germany - Sweden -
(Global Garden Products)
ColourOz MidCo S.a r.l.(flint) Germany - Onex Wizard Acquisition
Switzerland -
Evonik Industries AG Company II SCA
Germany -
(Evonik (RAG)) Britax Group Plc United Kingdom -
Goat Bidco GmbH Germany - Horizon Bidco Limited
United Kingdom -
(Photobox Group)
Oxea S.a.r.l. Germany -
TP Financing 4 Ltd (Travelex) United Kingdom -
Styrolution Group GmbH Germany -
TFL International GmbH Germany - Distribution/Postal Services
Investment Grade
Allnex Coating Resins Luxembourg -
Deutsche Post AG Germany BBB+ √
Orion Engineered Carbons S.A. Luxembourg -
Credit Opinion
NewCo 5 BV Netherlands -
Antelope Bidco S.A. Luxembourg -
Pigments II B.V. (Esmalglass) Netherlands -
Greenwhitestar UK PLC United Kingdom -
Ineos Group Holdings S.A. Switzerland -
Kinaxia Logistics Limited United Kingdom -
SK Spice S.a.r.l. Switzerland -
Innovia Group (Holding 3) Limited United Kingdom -
31EMEA
Continued
F+1/ F+1/
Fitch Fitch
Issuer/Issue Name Country Rating Only Issuer/Issue Name Country Rating Only
Diversified Manufacturing Diversified Manufacturing (continued)
Investment Grade GCL Holdings S.C.A Italy -
Bahrain Mumtalakat Beverage Packaging
Bahrain BBB- √ Luxembourg -
Holding Company Holdings II, S.A.
Eaton Corporation plc Ireland BBB+ Galapagos Holding S.A. Luxembourg -
Tyco International PLC Ireland A- Ammeraal Beltech Holding B.V. Netherlands -
Tyco International Finance S.A. Luxembourg A- Schoeller Allibert Holding B.V. Netherlands -
Royal Philips Netherlands A- SPG Prints Group B.V. Netherlands -
Mubadala Development United Arab Tennessee Acquisition BV Netherlands -
AA
Company PJSC Emirates
David Brown Systems
Credit Opinion United Kingdom -
(Holdings) S.a.r.l.
Constantinople Acquisition GmbH Austria - Doncaster Group Ltd (Doncaster) United Kingdom -
Cooling Holding GmbH Doosan Power Systems S.A. United Kingdom -
Austria -
(AHT Cooling)
Financiere Daunou 1 SA
ADB Bvba Belgium - United Kingdom -
(Global Closure Systems)
Constellium France -
Diversified Services
Crown European Holdings, SA France -
Sub-Investment Grade
Delachaux SA France -
Rexel, SA France BB
DOSSEN INVESTISSEMENTS
France - Atento Luxco 1 Luxembourg BB √
S.A.S. (Giannoni)
Financiere Lully C France - Credit Opinion
Novafives Group France - Nassa Midco A/S Denmark -
Saverglass SAS France - Anaveo Group France -
WHA Holding France - Cezanne Participations VI S.A.S France -
BARTEC Top Holding GmbH Germany - Financiere CEP France -
CeramTec Holding GmbH Germany - Financiere Esterel SAS France -
Mauser Industriebeteiligungen Foncia Groupe France -
Germany -
GmbH (Mauser)
Horizon Holdings I (Verallia) France -
Minimax Viking GmbH Germany -
Novalis (Elis) France -
QUNDIS GmbH Germany -
Schenck Process Finance Paprec Holding SA France -
Germany -
GmbH (Schenk)
deltus Zwolfte AG Germany -
Tractel GmbH Germany -
Edge Holding GmbH Germany -
Allegion plc Ireland -
SAG Group GmbH (SAG Group) Germany -
BidCo (Megadyne) Italy -
www.fitchratings.com | Ratings as of 31/03/2016Corporate Credit Book 2Q16
F+1/ F+1/
Fitch Fitch
Issuer/Issue Name Country Rating Only Issuer/Issue Name Country Rating Only
Diversified Services (continued) Diversified Services (continued)
Mustang Intermediateco Element Materials
Ireland - United Kingdom -
Limited (CarTrawler) Technology Limited
Manutencoop Facility Galaxy Finco Limited
Italy - United Kingdom -
Management S.p.A. (Domestic & General)
Mercury Bondco plc (ICBPI) Italy - Indigo Clean Co. United Kingdom -
TeamSystem Holding S.p.A. Italy - Innovation Group Ltd. United Kingdom -
Accelya Holding S.A. LGC Science Group
Luxembourg - United Kingdom -
(Luxembourg) Limited (LGC Group)
Galileo Global Education Misys Newco 2 S.a.r.l. United Kingdom -
Luxembourg -
Finance S.a.r.l
Northgate Ltd United Kingdom -
Vistra Group Holdings S.A. Luxembourg -
Optimal Payments Plc United Kingdom -
ACTA Holding B.V. Netherlands -
Redtop Acquisitions Ltd United Kingdom -
AI Avocado Holding BV (Unit4) Netherlands -
Blackstone Perpetual RSK Group PLC United Kingdom -
Netherlands -
InvestmentCo BV Victoria Investments
United Kingdom -
CWT BV (Carlson Wagonlit) Netherlands - Midco Limited
Global Blue Holding BV Worldpay Group plc United Kingdom -
Netherlands -
(Global Refund)
Greenbird Holding BV (Raet) Netherlands - Energy (Oil & Gas)
Interxion Holding N.V. Netherlands - Investment Grade
Polyconcept Investments B.V Netherlands - OMV AG Austria A- √
TMF Group Holding BV Netherlands - Total SA France AA-
MOL Hungarian Oil and
Van Oord N.V. Netherlands - Hungary BBB- √
Gas Company Plc
Yellow Maple Holding Eni SpA Italy A
Netherlands -
B.V. (Bureau van Dijk)
Metrovacesa SA Spain - Intergas Central Asia JSC Kazakhstan BBB-
Verisure Holding AB (publ) JSC KazTransOil Kazakhstan BBB
Sweden -
(Securitas Direct) JSC National Company
Kazakhstan BBB √
Selecta Group BV Switzerland - KazMunayGas
Alcontrol Group Limited United Kingdom - KazTransGas Aimak JSC Kazakhstan BBB- √
AMS Midco Ltd. United Kingdom - KazTransGas JSC Kazakhstan BBB-
Argon NPS Limited United Kingdom - Tenaris S.A. Luxembourg A-
Candle Holdco UK Ltd Polski Koncern Naftowy
United Kingdom - Poland BBB- √
(Eurotaxglass's) ORLEN S.A. (PKN)
Russian
CLEAN Viking Bidco Limited United Kingdom - PAO Tatneft BBB-
Federation
Crown Acquisition Bidco Ltd. United Kingdom -
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